Moneygram International Inc : MoneyGram Signs Two Top Currency Exchange Houses in Venezuela

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04/10/2012 | 02:16pm CET

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Network now includes three of the five largest Venezuelan
currency companies

DALLAS--(BUSINESS WIRE)--Apr. 10, 2012-- MoneyGram
International (NYSE:MGI), a leading global money transfer
company, announced today it has added two of the largest
foreign currency exchange houses in Venezuela to its money
transfer network - Casa de Cambio Angulo Lopez and Venegiros
Casa de Cambio. Combined with the company's existing agent
Italcambio, MoneyGram's network now includes three of
Venezuela's top five currency exchange companies, bringing
the number of MoneyGram locations in Venezuela to 100.

"We are thrilled to enter into relationships with two more
premier financial institutions in Venezuela. With Casa de
Cambio Angulo Lopez and Venegiros Casa de Cambio, we are
significantly diversifying our network in the country and
nearly doubling the number of locations available to our
customers," said George Zelinski, vice president of Central
America, South America and the Caribbean. "Both financial
institutions are experienced money transfer service
providers. Joining the MoneyGram network expands each
provider's reach beyond the region for the first time."

Venezuela is an active send and receive remittance market,
with 812 million USD sent from the country, particularly from
the nation's approximate 2 million immigrants. Key send
markets include China, Colombia, Peru, Ecuador, Spain,
Portugal and the U.S. In addition, the country receives 1.2
million USD annually, from countries such as the U.S., Italy,
Spain, Colombia and the U.K.

About MoneyGram International

MoneyGram International, a leading global money transfer
company, enables consumers who are not fully served by
traditional financial institutions to meet their financial
needs. MoneyGram offers money transfer services worldwide and
bill payment services in the United States and Canada through
a global network of more than 267,000 agent
locations-including retailers, international post offices and
financial institutions-in 192 countries and territories
around the world. To learn more about money transfer or bill
payment at an agent location or online, please visit
www.moneygram.com or connect with us on
Facebook.